-Taxation Reform Act of 525AER-
Introductory Text An Act to reform the current taxation system which is lacking many essential parts that comprise a modern taxation system. Preamble WHEREAS the taxation based on an individuals income is to be fair and proportionate to that individuals income is not either of the aforementioned in Falleentium WHEREAS the taxation of corporate assets and profit is meant to not be corrupt and allow tax avoidance is just that. May it thefore please Your Imperial Majesty that it may be enacted and be it enacted by the Emperor's most Excellent Majesty by and with the advice and consent of the Lords and Ladies and Representatives of the People in this present Parliament assembled and by the authority of the same as follows: Income Tax I. The Income Tax is to be based on an individual's income II. The following will be the Income Tax set for different groups of income: Income per annum = Tax rate *0 Fall-10,000 Fall = 0% *10,000 Fall-30,000 Fall = 12% *30,000 Fall-50,000 Fall = 16% *50,000 Fall-85,000 Fall = 20% *85,000 Fall-120,000 Fall = 23% *120,000 Fall-165,000 Fall = 27% *165,000 Fall-215,000 Fall = 31% *215,000 Fall-280,000 Fall = 35% *280,000 Fall-450,000 Fall = 38% *450,000 Fall-800,000 Fall = 42% *800,000 Fall-1,000,000 Fall = 45% *1,000,000 Fall+ = 48% the Federal Finance and Taxation Act of 552AER Capital Gains Tax I. Capital Gains Tax(CGT) is a tax levied upon profit realised through the sale of non-inventory assets(e. g. financial instruments such as stocks, bonds, shares etc..). II. The CGT shall be set at 20% of the profit gained through the sale of non-inventory assests specifised in article II of this section. III. Expenses on travel to shareholder conferences, legal advice and interest on loans to buy shares will count as tax deductions. Corporation Tax I. Corporation Tax(CT) is a tax levied depending upon a company's profit. II. The CT shall have two rates: high profits rate and small profits rate: II.i. The small profits rate will apply if profits are 300,000 Fall per annum or less. The rate will be set at 13.5%. II.ii. The high profits rate will apply if profits are above 300,000 Fall per annum. The rate shall be set at 23%. III. The Corporation Tax will have the following Tax reliefs: III.i. Research and Development relief will be liable to be claimed when a company has spent a certain amount of taxable credit on researching and developing. It will be set at 10% of the expenditure for research and development. III.ii. The Patent relief: will apply if a company makes profit from patented inventions. Rate will be set at 10% of the profit made from patented inventions. III.iii. Creative industry relief: will apply if a company makes profit from theatre, film, other creative entertainment.. It will be set at 5% of profit made from creative industry. the Federal Finance and Taxation Act of 552AER Enactment Clause I. This Act is to be enacted the financial period following the passage of this bill in parliament. Category:The Institute of Laws and Regulations